Goldman’s Secret Division and 3 Hot Stocks in the Spotlight
The Goldman Sachs Group, Inc. (NYSE:GS): Current price $132.96
The Volcker rule of the 2010 Dodd-Frank act was supposed to curb risky proprietary trading behavior by big banks, and everyone had reason to believe that Goldman CEO Lloyd Blankfein was playing nice. After all, Blankfein told more than 400 people at an Economic Club lunch in Washington, D.C. that Goldman no longer had any traders who engaged in the behavior.
But according to a Bloomberg report, the bank has skirted regulation and maintains a “secretive” group called Multi-Strategy Investing that bets with as much as $1 billion of the firm’s own money. Insiders report that the division operates very much like a hedge fund.
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